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BTC Crashes $3K in Minutes as Whale Reportedly Wrecked for $1 Billion

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BTC Crashes $3K in Minutes as Whale Reportedly Wrecked for $1 Billion


BTC dropped below $76,000 on Saturday evening.

The Saturday massacre has only intensified in the past few hours, as bitcoin just plunged to $76,000 for the first time since the initial tariff threat in April last year.

As such, the cryptocurrency extended its massive losses to almost $15,000 in just days, as it traded above $90,000 on Wednesday.

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The latest flash crash took place as a single entity was liquidated for $1 billion, according to data from the Kobeissi Letter.

CoinGlass reports different data as of press time. It shows that the single-largest liquidated position took place on Hyperliquid and was worth a whopping $222 million. It involved the ETH-USD pair.

The total value of wrecked positions has shot up to more than $2.5 billion on a daily basis. Nearly all of that came in the past 12 hours. Naturally, longs are responsible for the biggest share, with $2.41 billion of such positions wiped out in the past 24 hours.

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Bitcoin’s price crash to $76,000 meant that Strategy’s massive BTC position briefly turned red for the first time in over two years. Nevertheless, the cryptocurrency has rebounded slightly since that multi-month low, and now sits around $78,000, putting the company’s stash slightly in the green again.

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Crypto World

Crypto.com Launches OG Prediction Market Platform

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Crypto.com Launches OG Prediction Market Platform

Crypto.com has spun out its prediction markets business, first launched in 2024, into a standalone platform called OG, competing with the likes of Polymarket and Kalshi. 

OG is powered by Crypto.com Derivatives North America (CDNA), a Commodity Futures Trading Commission-registered exchange and clearinghouse and affiliate of Crypto.com

OG said on Tuesday that it is only available in the United States for now.

Entering a ‘deca-billion dollar’ industry

Kris Marszalek, co-founder and CEO of Crypto.com, highlighted the firm’s growth in the prediction market space as the reason for launching a dedicated platform. 

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Crypto.com first announced the launch of a “sports event trading” product for US users in December 2024.

“We’ve experienced 40x weekly growth in our prediction market business over the last six months. This type of growth warrants a concerted effort with a standalone platform.”

Related: Polymarket strikes prediction market deal with major US soccer league

Nick Lundgren, chief legal officer of Crypto.com and new CEO of OG, described prediction markets as a “deca-billion dollar industry.” 

However, OG is entering a crowded space. Coinbase launched its own prediction market platform in the US in partnership with Kalshi in late January, while Hyperliquid proposed plans to expand into prediction markets on Monday. 

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Boom time for prediction markets

OG is debuting amid accelerating growth in prediction markets, with Wall Street exploring event contracts for new use cases beyond blockchain betting.

Prediction markets have seen 130-fold growth, from less than $100 million per month in early 2024 to over $13 billion by the end of 2025, according to International Banker. 

The combined volume for market leaders Polymarket and Kalshi was $37 billion in predictions placed in 2025, and the two platforms raised $3.6 billion in equity investment in 2025.

Meanwhile, prediction market firm revenues are expected to balloon from around $2 billion annually to over $10 billion by 2030, according to the Citizens Financial Group.

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Polymarket and Kalshi volumes, categories, and top markets. Source: DeFi Rate

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